In an attempt to increase Bitcoin mining capacity, London-listed Argo Blockchain (LON: ARB) announced on Thursday the completion of the acquisition of two data centers located in the Quebec province in Canada.
Both these data centers will generate a combined power capacity of 20MW. These data centers are almost entirely run by locally generated hydroelectricity, meaning Argo can benefit from cheap power in the region.
A Strategic Acquisitation
According to the company, the latest acquisition is a part of its strategy to increase control over the mining facilities in which its machines are hosted. Apparently, a significant number of Argo’s mining machines are hosted in these two data centers. The company stressed that the move will bring long-term stability to its business.
“Argo’s purchase of data centers in Canada represents another milestone for the Company as we seek to take greater control over our mining production and mining cost base, while also laying solid foundations for long-term growth,” Argo CEO Peter Wall said in a statement.
The announcement further detailed that the payments for the acquisition were mainly non-cash, consisting of the assumption of existing bank obligations related to these facilities and also from the deposits made earlier.
Similar to most of the major crypto mining companies, Argo is increasing its arsenal of crypto mining rigs. The UK company also reported a 1,000 percent spike in Bitcoin mining revenue in 2019 as the company mined 1,330 Bitcoin throughout the year. It also posted impressive operational numbers for the first few months of 2021.
Its chief executive also made headlines earlier this year as he decided to receive his entire salary in Bitcoin.